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Functional Competencies for Finance and Accounts


DEPARTMENT: Finance and Accounts

CAREER STAGE
MANAGE SELF
MANAGE OTHERS
MANAGE MANAGER
COMPETENCY AREA
DESCRIPTION
DESCRIPTION
DESCRIPTION
Job/ Technical Knowledge

Basic knowledge in overall work related areas in accounts /
Accounting standards.
§   Proficiency of corporate Accounting Practice/Standard Auditing Practices along with the expertise in budget analysis and identification of variance
§   Interacts with branches & group companies for inter-unit accounting matters and respective receivables, settling any disputes and finalizing the financial matters with the respective heads of Finance & Accounts teams
§   Supervise and control of creditors account
§   Providing stock statements to the bankers.
§   Proficiency in working areas like finance, accounts taxation commercial and Internal control Procedures
§   Monitoring of financial activities, their requirement & utilization of funds, trouble-shooting for any problems
§   Providing a link between internal auditors & other depts. like store, purchase & sales.

Business and company Know how
Knowledge about the competitors
and basics of the Industry
Knowledge about Business Dynamics depth knowledge of Monitory policy, EXIM Policy, WTO provisions
Knowledge about Business Dynamics, In depth knowledge of Monitory policy, EXIM Policy, WTO provisions Knowledge about Business Dynamics, Monitory policy
Planning &
Budgeting
Preparation   of  profitability   &   balance sheet  statements along with co- ordination   with   other   departments   for getting   inputs   and   'Understanding   of revenue  cost and investment  drivers
Monitoring of CVA/ EVA
Proficiency in preparation and Monitoring of  Business Plan
Analytical findings, impact of improvement initiatives.
Management
Accounting
In  depth   Working  Knowledge   of  cost Accounting  /Management technique
§   Depth knowledge of cost accounting and management technique and ability to integrate things
§   Proper and timely accounting for expenses, income, acquisition of fixed assets and liabilities.
§   Control and supervise various transactions
§   Passing of purchase vouchers and processing payments against them.
§   Process the payment of project suppliers / contractor / consultant etc (project and operational).
§   Keeping track of timely payment of bank debts
§   Passing of purchase vouchers and processing payments against them
§   Proficiency in cost accounting &  management techniques
§   Business overview in depth  knowledge/ understanding of value based management
§   Scrutinizing of ledger & sub ledger accounting at quarterly and yearly basis including capitalization of various projects.
Projects- Capital
Budgeting
Basic knowledge about the:-
§         Capital budgeting
§         Cash flow / funds flow analysis
 In depth knowledge about:-    
  • Capital budgeting
  • Cash flow / funds flow analysis
Budgeting (various expenditure on raw material, stores, spares and procurement of materials) and drawing a comparison between the allocated and actual budget

Proficiency in various project evaluation techniques such as,
§         Capital  budgeting
§         Cash flow / funds flow analysis
§         What if, analysis
Monitoring & control proper
accounting including capitalization of various project
Finance Functions
Idea about the normal workings of
Banks,  Finance Instruments etc.
§   Full fledged idea about Working capital Management Technique e.g. Credit Monitoring & Control, Receivable management, Inventory Management, Fund management etc.

§   Proficiency in corporate finance
§   Proficiency in Working capital Management Technique e.g. Credit Monitoring & Control, Receivable management, Inventory Management, Fund management etc.
§   In depth knowledge  of Corporate Governance
§    Preparation of Balance sheet
§         including co-ordination with
§              statutory auditors, branches
§         and Head office practices

MIS & Costing including SBU- wise profitability
Basic understanding of MIS and data
collection
§   Compilation of the data from various sources
§   Keeping records of costing and various types of expenditure made on the various materials.
§   Analyzing the gap between budget allocated and actual budget.
§   Analyzing the gap between given target and the actual target achieved
§   Analyzing and interpretation
§   Co-ordination with purchase, Stores, Sales and other departments for proper and timely accounting for expenses, income, acquisition of fixed assets and liabilities.
§   Costing (product costing, element wise break up) on a periodic basis
Cost Consciousness
Should have a culture for Cost
Consciousness
Should follow high standards of cost  consciousness
Should continuously look for new avenues of cost reduction through innovative ideas
Software Packages
§   Operation of MS-OFFICE for documentation of data and preparation of letters, equipment specifications, etc.
§   Generating report through SAP ( F&A module) as desired by Upper Management
§ Knowledge of MS-OFFICE for documentation for preparing reports.
§   Maintaining record with help of SAP, Managing information system to upper level
§ Supervising and monitoring proper functioning of SAP in F&A module of their respective area.
§   Knowledge of MS-OFFICE for documentation and data analysis
§   Design the modules of SAP as per the requirements, Integrated Supply Chain Information Technology
§   Responsible for monitoring the EDP activities of Finance & Accounts Department, checking need for any new programme/software to be developed and ensuring the smooth flow of data.
Statutory Provisions /
Taxation
Knowledge  of  statutory  provision  with respect  to  the   Tax  management   &  tax planning  Procedural formalities
§   In depth knowledge of provision applicable to the organization with regard to Tax Planning, Assessments, Awareness of the latest development of legislative changes
§   Assessment of income tax.
§   Maintenance of record of deposits (fringe benefit tax).
§   Record of Tax audit
§   Proficiency in statutory provision applicable to the organization
§   Tax Planning
§   Assessments / appeals, etc.
§   Awareness of the latest development of legislative changes
§   Controlling & monitoring the TDS on various payment & its formalities as per income tax rules.
Internal Customer satisfaction
Should always serve customers first
Cater to customers and follow on complain at regular intervals.
Cater to customers and follow on complain at regular intervals with focus on changing/ reviewing the process based on complains
Rules, regulations and norms
Must have knowledge of rules and regulations related to power systems and norms set by the government. Knowledge of ISO (EMS & QMS), 5’s ,TPM & KAIZEN etc
Must have knowledge of regulatory compliances, ISO (EMS & QMS), 5’s ,TPM & KAIZEN etc.
Implements rules and regulations mandatory inside the department, ISO (EMS & QMS), 5’s ,TPM & KAIZEN etc.
Human Resources
Resolves minor problems and complaint on an informal basis.
Resolves and recommends formal or informal performance / disciplinary actions up to and including dismissal.  Decides on staffing, appointments, promotions, reassignments, etc.
Develops departmental polices and procedures. Takes action on performance recommendations
Exercises delegated authority for all personnel administration actions, to include difficult, controversial or sensitive issues.

Also read more examples of competency dictionaries here for :
Plant Operation 



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Survey Methodology


Survey Methodology
 
The main objective of this project is not only learning the theoretical aspects but also get practical knowledge of every aspects related to employee satisfaction. I was given opportunity to work on every massive part of the project, which could give me a bird’s eye view of the whole organization. Following is the methodology I have used in survey:

Primary methodologies for conducting employee satisfaction survey-questionnaire (paper-&-pencil). The choice of methodology should be based on what is best for the respondents – best in terms of convenience, ease of use, and trust in the method in which case Internet is more cost effective. If all employees are substantially all employees have access to the Internet from work. Internet / Internet is my recommended methodology.

It generally results in a higher response rate and is faster than paper-and-pencil. It also give a little more controls in terms of how the questions are presented and gives the ability to require that certain question should be answered. Organization has a secure system, there is no issue with regard to confidentiality of sending result when an Internet survey is done. If only a small percentage of employees have Internet / Internet access from work than preference always go to using the traditional paper-and-pencil methodology.
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Scope of the Organizational Survey


Scope of the Organizational Survey

Rapidly growing organization.

When an organization is growing quickly, it is critical to find out how employees feel about their job, the organization and their future within it.

High or growing turnover rate of employees.

Growing turnover is a problem for any organization. Some industries have a naturally high turnover, if your absolute level of turnover exceeds the industry average, then industry can have a problem and to solve such problems an employee’s satisfaction survey is required.

Excessive rumors.

A strong rumor mill is symptomatic of other problems in the organization. Tease can include miscommunication, distrust, and fear. Only a survey can uncover the extend to which any of these issues exists.

Planed or recent organizational changes, including change of leadership.

Change can be difficult for many people. If not handle properly, productivity and profits can decline.

Highly competitive industry.

In a highly competitive industry, turnover minimization, and productivity and creativity maximization are keys to success. Staying in touch with employees is necessary to facilitate continued competitiveness.
 
Contemplated changes in pay and benefits.

You most know, what needs to be “fixed” and how much “fixing” it needs to maximize return on invested money and people resources.

Influencing Factor

The sense that one’s work makes a meaningful contribution both in quality and worth.

Recognition and appreciation of one’s work, and conditions, which are conducive to respect and help from colleagues.

Optimal levels of variety and challenge and training to minimize fatigue and boredom workers should be able to vary activities.

Opportunities for personal and professional development trough contributing in company’s mission.

Working conditions, including the mental environment.

Workload levels, which need to be neither too high nor too low.

Trust in top management or senior lead of the company.

The opportunity to participate in decision-making and to contribute ideas and opinions on practice.

Having an avenue to express dissatisfaction and measurement of job satisfaction, and have to deal with efficiently and effectively.

Although work satisfaction is sometimes hard to measure, research methods, facilitated small group discussion and survey can be used to determine attitude and perception as well as satisfaction. 
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Need for an Organizational Survey


The Need For Survey


This is a fairly tip. There are two questions to ask your self:

Do you have employees?
Do you know how they feel about their jobs and their work environment?

If the answer to the first question is yes and the answer to the second question is no, you need to conduct an employee satisfaction survey, even if you have a few employees and gather the information through informal discussion or survey.

Employee’s satisfaction level shows how many employees are performing and wants to thrive at your working place.

There is considerable cost to an organization if worker satisfaction is low as this can result in job dissatisfaction and poor morale.

Employees satisfaction can also have a huge influence on how an organization performs because the way workers think and feel about their job will influence outcomes such as productivity, work quality, absenteeism and employee turnover.

Different personnel and job factors influence a person’s work satisfaction, working condition, and organizational culture.
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